Revenue Recognition

The new Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, fundamentally changes how companies across nearly every industry will recognize revenue. Learn more about how this affects you and your business as well as what’s required and the effective dates.

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Many states require businesses to report and remit unclaimed property they hold or face penalties and interest. Through November 1, 2016, Washington’s amnesty and voluntary disclosure program gives businesses an opportunity to start fresh.

With broad implications for taxpayers engaged in cost-sharing arrangements, the US Tax Court ruled against a requirement that stock-based compensation (SBC) expenses must be shared among parties engaged in qualified cost-sharing agreements.

When the TPEA was signed into law, little attention was paid to Section 806 of the act, which increases by as much as 150 percent the potential penalties for taxpayers who err in their information reporting to the IRS or payees.

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 made noteworthy changes to the income tax obligations and reporting requirements for business owners and individuals that include new tax return due dates and extension periods.

The FASB recently issued ASU 2015-12, which will simplify financial reporting for employee benefit plans. Though the amendments aren’t effective until fiscal years beginning after December 15, 2015, earlier adoption is permitted.

The FASB’s Topic 330 simplifies the subsequent measurement of inventory. This amendment is effective for public business entities fiscal years beginning after Dec. 15, 2016, and fiscal years beginning after Dec. 15, 2017 for all other entities.

Press Release
SEATTLE, August 6, 2015—Moss Adams LLP, one of the largest accounting and business consulting firms in the nation, today announced it has agreed to combine with Issaquah, Wash.-based Curtis Consulting Group (CCG). Effective September 1, 2015, CCG personnel will join Moss...

California Governor Jerry Brown signed SB 81, which expanded and extended the College Access Tax Credit. The credit now covers the 2017 tax year and reduces regular tax below tentative minimum tax. The latter change is retroactive back to 2014.

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